Under attack over alleged inaction on corruption charges, government on Friday said Defence Minister A K Antony has ordered a Central Bureau of Investigation probe into a case relating to public sector undertaking BEML even as inquiry was on into a complaint about an alleged scam in purchase of Tatra trucks.
'The much-awaited decision could be a welcome change at a time when the Indian armed forces are crying for self-reliance and the defence industry is looking forward to more indigenisation,' notes Nitin A Gokhale.
The defence sector is seeing renewed interest by Indian corporates, says Jyoti Mukul
Public-sector enterprise stocks have seen a good run thus far in 2023-24 (FY24), with the S&P BSE PSU Index surging by over 26 per cent during the period, compared to an 11 per cent increase in the benchmark S&P BSE Sensex.
Over 210,000 executives in estimated 240 central public sector undertakings are in for a bonanza with a pay revision committee recommending a massive hike in their annual cost-to-company. The hike ranges between 379 per cent at the highest level and 57 per cent at the lowest across companies and levels.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
Hindustan Aeronautics Ltd, a public sector undertaking under the Ministry of Defence, would export its newly developed advanced light helicopters to Nepal and other countries.
The policy was part of the Aatmanirbhar Bharat package announced by Sitharaman in May 2020 as a coherent policy where all sectors would be opened for private sector participation.
The 58-year-old Rajya Sabha MP will face several challenges, including strengthening of the combat capabilities of the army, navy and the air force due to changing regional security matrix and geo-political dynamics.
Warship building projects worth at least Rs 630 billion have ground to a standstill. The defence ministry has halted tendering in wait for a government decision on whether to allow, or to exclude, Anil Ambani's shipbuilding firm from those contracts.
The ban on import of 101 items is a big step towards an Atma Nirbhar Bharat (self-reliant India). This list of negative items contains not only small items but weapon systems of high and critical technology. More such items will be added to this list shortly which will save crores of rupees in imports, the defence minister said.
Containing infiltration of terrorists into Jammu and Kashmir from Pakistan will be another key focus area.
Signalling both change and continuity, India's new government, headed by Prime Minister Narendra Modi for a third consecutive term, got into work gear on Tuesday with cabinet ministers and ministers of state filing into their respective offices to assume charge.
To ensure seamless transfer of personal vehicles across states, the road transport ministry has come up with a new registration mark for new vehicles -- Bharat Series (BH-series).
Elections are not won or lost by expounding on such macro-economic matters. For the aam admi, what matters in manifestos are promises that will improve their quality of life, notes Vinayak Chatterjee.
He reaffirmed the government's commitment to resolving any outstanding issue in the way of growth and development of indigenous defence industries.
As the DefenceExpo gets underway in Goa, Brigadier S K Chatterji (retd) says the proposed Defence Procurement Procedure 2016 should ensure that the Indian defence industry is on the path to design, develop and make in India.
Prime Minister Narendra Modi on Friday handed over to the armed forces indigenously-developed light combat helicopters, unmanned aerial vehicles and electronic warfare systems for the warships, in reflection of India's focus to boost its domestic defence industry.
The secretary defence production wants to make India (currently the largest importer of weaponry) one of the world's top five defence manufacturers and a global leader in artificial intelligence and cyberspace.
The last year has seen public sector undertakings (PSUs) outperforming the Nifty50, albeit by a small degree. But PSU valuations are still, on average, less than half of private sector peers at price-to-equity or PE 8.7x for the Nifty PSU Index versus 20.9x for the Nifty50. There are several reasons for lower valuation.
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
The defence minister has 20 months to learn the military's ethos, culture and to publicly bat for an organisation that feels increasingly marginalised and underappreciated.
E-commerce players may soon rent out drones, so you can use them the way you book a cab on an app, and test viable use-cases for last-mile delivery.
A government panel on Tuesday proposed raising foreign investment limits in sectors like defence, multi-brand retail and telecommunications, to spur investment in the country and tide over the Current Account Deficit woes.
111 light helicopters have to be built indigenously through joint ventures between Indian and foreign firms.
The MRSAM is amongst the most lethal surface-to-air missiles in service anywhere.
Air Chief Marshal Bhadauria said the recent induction of Rafale jets along with previous acquisitions of C-17 Globemaster aircraft as well as Chinook and Apache helicopters have provided the IAF with substantial tactical and strategic capability enhancement.
Over 18 crore workers are expected to participate making this a much bigger strike than last year.
It was decided that the senior-most Army officer in a state would get in touch with the chief minister to understand the requirement and take forward the process, including offering to treat civilians wherever possible
'Historically, the markets tend to perform well during election years as governments aim to increase spending and call attention to growth.'
In Bihar, where a bandh had been called, a railway station and a police vehicle were torched, an ambulance attacked and security personnel injured in stone-pelting incidents on the fourth consecutive day of the agitation, while protesters vandalised Ludhiana railway station in Punjab and blocked roads and rail tracks in West Bengal, Haryana, Rajasthan, Maharashtra, Odisha and Uttar Pradesh.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
The department of investment and public asset management (Dipam) can also seek in-principle approval from the Cabinet Committee on Economic Affairs (CCEA) for strategic divestment of PSUs on a case-to-case basis considering investor appetite and sectoral trends.
Distinguished scientist and Director of Defence Research and Development Laboratory (DRDL), K Jayaraman said Bharat Dynamics Limited, a public sector undertaking under the Ministry of Defence, is currently producing 50-60 indigenously-developed Akash missile per month.
The ministry informed that over 14,000 existing ventilators are earmarked for COVID-19 patients in various hospitals in the country while there are 11.95 lakh N-95 masks in stock.
'A month after assuming charge, Parrikar promised a policy within six months to "end or at least reduce" terrorist infiltration across the Line of Control.' 'However, infiltration continued apace, leading to high-profile terrorist attacks in Gurdaspur, Pathankot, and Uri.' 'During this phase, he made the controversial suggestion that India should fight terror with terror, hinting at supporting terror groups to strike in Pakistan,' observes Ajai Shukla.
"Only time will tell us about that but I am quite sure that if a youngster who has, as you said, got brainwashed (into terrorism), joins the services under the scheme and stays with us for four years, I am sure he will be a different person and probably more of an Indian than a radical as you brought out," the air marshal told reporters.
The warships will be armed with BrahMos supersonic cruise missiles which can reach targets 295 km away.
Even as Union ministers allay misgivings over Agnipath, figures show a meagre 2.4 per cent of the ex-servicemen who applied for a government job could get one as the Centre and the states have been unable to recruit against the reserved quotas. Public sector undertakings (PSUs), ministries, and officials of Sainik Boards have blamed it on the lack of skill among ex-servicemen. They say veterans' inability to qualify in selection exams is one of reasons for this. Also, non-recognition of qualifications obtained from the military are reasons why their recruitment has remained significantly low, pushing them towards low-skill jobs.
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